Business Decision Making

This is the process of making informed choices from a set of presented options in the business world. The decision making process requires the person to analyse the options and find the strengths and weaknesses of each one of them and how they will affect the business performance.

The person goes further to forecast the outcome of the various alternatives. This include how well they will help with reaching the long term objectives of the business. The alternatives may appear viable at the moment, how viable will the same be in future? May the situation change in the future, will the alternative chosen still be viable?

The business decision making process is important for long term sustainability of a business. There exists five essential decision making styles that are used by managers. This include autocratic, information seeking, consultation, negotiations and delegation. The choice of the style is influenced by the organisational structure as well as the prevailing situation.

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